Exhibit 99.1

               MCMORAN EXPLORATION CO. ANNOUNCES
            DISCOVERY AT SOUTH MARSH ISLAND BLOCK 223
             EXPLORATORY WELL (JB MOUNTAIN PROSPECT)

     NEW ORLEANS, LA, November 18, 2002 - McMoRan Exploration Co.
(NYSE:MMR) announced today that the South Marsh Island Block 223
(JB Mountain prospect) exploratory well has been drilled to a
measured depth of approximately 20,000 feet and has been plugged
back to a total depth of approximately 19,500 feet, after
experiencing mechanical difficulties.  The well has been
evaluated with wireline logs, which have indicated intervals of
hydrocarbon pay.

     The JB Mountain prospect is located in a water depth of 10-
feet in an area where McMoRan is a participant in an exploration
program which controls approximately 6,500 acres, as part of an
approximate 80,000-acre exploratory position involving portions
of OCS lease 310 and portions of the adjoining Louisiana State
Lease 340.  The exploration program currently holds a 100 percent
working interest in the JB Mountain prospect.  Certain third-
party elections would reduce the exploration program's working
interest to 55 percent with a 38.8 percent net revenue interest.
As previously reported, under terms of the exploration program
the operator is funding all of the costs attributable to
McMoRan's interests in four prospects, including the JB Mountain
prospect, and will own all of the program's interests until the
program's aggregate production from the prospects totals 100
billion cubic feet of gas equivalent, at which point, 50 percent
of all the program's interest would revert to McMoRan.

     McMoRan Exploration Co. is an independent public company
engaged in the exploration, development and production of oil and
natural gas offshore in the Gulf of Mexico and onshore in the
Gulf Coast area.  Additional information about McMoRan is
available on our Internet web site ("www.mcmoran.com").